Author Topic: Bank Accounts  (Read 4216 times)

0 Members and 1 Guest are viewing this topic.

Offline trainer

  • Full Member
  • ***
  • Posts: 946
  • Age: 58
  • Location: The BORO
  • Last man standing
Bank Accounts
« on: June 14, 2019, 20:19:35 PM »
some questions regarding deposit accounts
A bit hypothetical but if I had £10000 to put in a deposit account in turkey

whats best lira or sterling (which one gives the better interest rates) 

what tends to be the best bank

can you withdraw monthly (IE when the interest is paid)

looking at a rate for today what would the £10000 earn a month

how much tax is paid
 
there will be some more questions but please make the answers simple as I haven't got a clue regarding banking
Thanks in advance



Offline jackstee

  • Full Member
  • ***
  • Posts: 1213
  • Age: 73
  • Location: Turkey
Re: Bank Accounts
« Reply #1 on: June 16, 2019, 15:29:07 PM »
Around 24 % per month and that is taxed 15%
You can get different types of accounts, paying daily,monthly or annual interest rates.
Best to visit them all as some have quite low interest rates compared to others.

Offline 1calis

  • Full Member
  • ***
  • Posts: 214
  • Newly Registered
Re: Bank Accounts
« Reply #2 on: June 16, 2019, 17:45:34 PM »
Wish it was 24% per month.

Offline Liz 101

  • Prolific Member
  • *****
  • Posts: 3391
  • Age: 67
  • Location: Turkey
Re: Bank Accounts
« Reply #3 on: June 16, 2019, 21:46:37 PM »

can you withdraw monthly (IE when the interest is paid)



Best bet is to have a savings & a current account; have the interest paid into your current account. That way you can draw the interest at any point in the interest period

Offline hornedfrog

  • Full Member
  • ***
  • Posts: 236
  • Location: S Staffordshire and Fethiye
Re: Bank Accounts
« Reply #4 on: June 17, 2019, 15:21:42 PM »
I know there are people on here much smarter than me, but I work that out (simple interest) as a net effective annual rate of 20.4%; If we let the interest be compounded and apply the "rule of 72", does that mean your initial £10k investment would double within 3.53 years?

C'mon mathemagicians...is that close? (Certainly better than the 5.2% gross rate I'm getting here in the UK...)

Dale

Offline 1calis

  • Full Member
  • ***
  • Posts: 214
  • Newly Registered
Re: Bank Accounts
« Reply #5 on: June 17, 2019, 17:14:50 PM »
Hornedfrog. You are correct. Most though use the interest to live on, no problem there, so compounding does not affect most account holders. Of course the lira may drop,or rise, so you may,or may not, get back that amount of sterling.

Offline yabanci

  • Sr. Member
  • ****
  • Posts: 1829
  • Location: Turkey
Re: Bank Accounts
« Reply #6 on: July 25, 2019, 13:19:30 PM »
Around 24 % per month and that is taxed 15%

Not any more. The Turkish Central Bank under new governor Murat Uysal cut interest rates for the first time in over 4 years,by 4.25% at their policy meeting today.

https://www.dailysabah.com/finance/2019/07/25/turkeys-central-bank-cuts-interest-rates-by-425-basis-points-lira-stands-firm

Offline legless

  • Muppet on Wheels
  • Global Moderator
  • Sr. Member
  • *****
  • Posts: 2727
  • Location: United Kingdom
Re: Bank Accounts
« Reply #7 on: August 19, 2019, 08:19:49 AM »
Jackstee, as someone that has lived out there for a considerable time which bank would be your suggestion for current/savings, taking into consideration it would be good to use a bank where someone spoke good English as the system could be explained better. I did use Deniz bank once over, however they continually messed my accounts up.

Thanks in anticipation       

Offline Liz 101

  • Prolific Member
  • *****
  • Posts: 3391
  • Age: 67
  • Location: Turkey
Re: Bank Accounts
« Reply #8 on: August 19, 2019, 09:15:28 AM »
IMHO Alper at Garanti on Migros road & Senim at Seker fit the bill. Have banked with both for a considerable length of time with no issues whatsoever




Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo
Smf